SP500 technical analysis and NASDAQ analysis for today August 25th using Elliott Wave Theory- The bulls get engulfed. Is the pain over?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market moved higher premarket only to get crushed during the day. We have a bearish engulf candle and a big catalyst tomorrow. Right now pressure is down and we would look for C wave follow through towards the 4200 area. This is a must hold area for the bulls. If they break below it would likely lead to further downside.

However, if they give us a 3 wave move down that breaks the low then could be looking at a leading diagonal.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ hit the target box and is now looking to be in C down. If they get the follow through we would target the 14000 area. This is a must hold for the bulls. If they break below that it could be game over.

However, if the bears give us a 3 wave move down that breaks the lows then we would be looking at a potential leading diagonal.